supermarket that wants to reach 1 million users. What benefits does it provide?
The fintech world has added a new player in Argentina. It is Carrefour, the supermarket chain, that launched a virtual prepaid card through its BSF Bank to provide financial services to those who are still outside the banking circuit. With “Mi Carrefour Corajudo,” the app that is already available in stores, the company wants to reach at least 1 million users.
For years, Carrefour has been owned by Banco de Servicios Financieros, an entity regulated by the BCRA, from where it offers credit cards to half a million customers across the country. Now, the retail chain’s bet is to “expand that cake” and provide banking services to those who have until now found no way to finance themselves within the system.
Mariana Lope, president and general manager of BSF, explained to the press that currently there is a universe of 75% applicants for these credit cards for whom Carrefour cannot activate the card because they do not have the necessary credit conditions. With this new app, we are seeking to give our customers an alternative to cash, provide them with discounts and benefits, and at the same time build their financial history.
“Based on their individual behavior, the entity may offer them the Mi Carrefour Crédito card after the analysis period, as well as other products such as personal loans, insurance and assistance,” the company explained. Furthermore, since it is a MasterCard card, these users will be able to use it to make purchases at other businesses.
“We have 620 points of sale across the country. The idea is that customers can load the card, cash in, cash out and consult any doubts at the supermarket checkout, Or they can consult digitally if they want,” he said. Lopp, who decided to call this intrusion “Fintril,” a portmanteau between the fintech world and large-scale retail.
Lope highlighted the financial inclusion potential of such initiatives. “Today, 35% of the 500,000 people who have a Carrefour credit card do not have another card. We know there is an unmet demand and we are targeting that type of public.” While the app will be available to additional audiences, there are two large age groups that will get additional discounts: youth ages 18-24, and adults 60+.
“We want our customers to save on every purchase they make. With this new program, each level will enable different benefits and discounts that can be easily accessed through their cell phone with the My Carrefour Card application” , explained Francisco Zoroza, Director of Corporate Affairs for Carrefour Argentina.
At Carrefour, more than 140 million operations are performed a year. The average ticket is $11,000 and about a third of those purchases are currently paid for in cash. The bet is to digitize these payments and provide additional benefits to these customers for their consumption.
My Carrefour Courageous is the name given to this program and it is made up of the well-known Mi Carrefour Clásico for discounts and promotions within Carrefour stores, to which is now added Mi Carrefour Prepaid, through which you can buy a reloadable MasterCard card can be accessed. ,
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